HRG plans $100 million tap of 7 7/8% notes due 2019 on Thursday

By Paul A. Harris

Portland, Ore., April 9 – HRG Group, Inc. plans to price a $100 million tack-on to its 7 7/8% senior secured notes due July 15, 2019 on Thursday following a mid-morning conference call with investors, according to an informed source.

Credit Suisse Securities (USA) LLC and Jefferies LLC are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes become callable after Jan. 15, 2016 at 105.906. They feature 35% equity clawback until Jan. 15, 2016, and a 101% poison put.

The New York-based diversified holding company plans to use the proceeds to fund working capital and for general corporate purposes.

The original $700 million issue priced at 99.362 to yield 8% in December 2012.

A previous $225 million tack-on priced at 101.5 to yield 7.474% in July 2013.

Upon registration the new tack-on notes will become fungible with the existing notes.

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